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eToro UK’s loss narrows YoY, although it operated only several weeks in 2015

Oct 11 2016
By
Forexbrokerz.com

Forex brokerage eToro reported previous week that the net loss of its UK branch in 2015 shrunk slightly compared to a year earlier, coming in at nearly $717,000. According to the financial account published on UK Companies House website, the broker commenced operations in late November 2015, so the document covers less than two months of actual trading.


What is more, eToro UK’s net income generated for the few weeks of 2015 amounted to $536,600, of which $186,000 were from intermediary services, $2,900 were from trading commissions and another $349,800 were other commission fees.


eToro UK financial performance. Click to enlarge

 

Although it started operations 23 November, the broker reported it had certain expenses before that, mainly for marketing purposes. In order to cover its pre-trading costs, eToro UK its capital by $550,000 increased in 2015 in two tranches. All new shares are owned by its parent company eToro Group Ltd.

In fact, the UK company admits to rely mostly on funding by its parent company, and expects that the latter will continue to provide financial support. eToro UK said it will continue its operations and will be able to meet the regulatory capital requirements for at least the 12 months following the publication of the report.

According to our recent article on profits generated by UK forex brokers, based on their financial accounts for the year 2015, the UK units of another two major brokerages, FXCM and Oanda, also generated losses, the amounts of which exceed those of eToro UK.

eToro introduced the concept of social trading to the world in 2010, but it also offers traditional trading in forex. The broker was granted a license by the UK Financial Conduct Authority (FCA) in May 2013 and commenced operations in November, 2015.


eToro Group Ltd. is registered offshore, on the British Virgin Islands. The company also has a EU subsidiary, eToro Europe Ltd., which holds a license by the Cyprus Securities and Exchange Commission (CySEC).

 

TAGS: etoro  etoro uk  profit  loss  financial results  uk 

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